Shares of IT major surged as much as 2.9% to hit an intraday high of ₹466 apiece on the BSE, after the software services company reported higher than expected top and bottom lines in the March quarter of FY24.
The stock opened lower at ₹452.50, but quickly gained momentum in line with the broader market. At 1:58 pm, the share price of the company was trading 1.63% higher at ₹460.25. This positive movement was in line with the broader BSE Sensex, which was trading 0.53% higher at 73,474.52.
The company’s market capitalisation stood at ₹2,40,436 crore with more than 5.79 shares exchanging hands on the BSE. The stock hit a 52-week high of ₹546.10 earlier this year, and a 52-week low of ₹363 last year.
Despite beating analysts’ estimates, the company’s consolidated net profit declined by 8% to ₹2,385 crore in the January to March quarter of FY24. The challenging macroeconomic environment was cited as the reason for this decline. However, the company’s revenue from operations during the quarter stood at ₹22,210 crore.
“We are on the brink of a major technological shift. Artificial intelligence is transforming our client’s needs as they seek to harness its power for competitive advantage and enhanced business value. At Wipro, we have been gearing up for this moment,” says Srini Pallia, CEO and Managing Director, Wipro.
Following the Q4 results, brokerage firms have differing opinions on the company’s stock. Nomura has a ‘reduce’ call with a target price of ₹410, while HSBC reduced their target price to ₹385. Nuvama, on the other hand, has given a hold call with a target price of ₹460.
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